Tapestry, Inc. reports developments for a global accessories and lifestyle brand company built around Coach and kate spade new york. Recurring news includes quarterly earnings, full-year outlook updates, brand-level performance, regional sales trends, margin commentary, and customer growth across company-operated stores, digital channels, and wholesale partners.
Company updates also cover technology and operating initiatives, including the proprietary AI platform Mira, board and governance changes, corporate responsibility reporting, renewable electricity sourcing, leather supply-chain programs, and community solar partnerships tied to Tapestry's global retail and fulfillment footprint.
Tapestry, Inc. (NYSE: TPR) reported Q2 results for the fiscal year ending December 26, 2020, with net sales of $1.69 billion, a 7% decline from $1.82 billion last year. Despite this, the company achieved a gross margin of 69.6%, up from 66.6%, due to reduced promotional activity. Operating income rose to $389 million, marking a 7% increase year-over-year. E-commerce saw triple-digit growth, representing one-third of global sales, with strong performance in China. Tapestry anticipates high-single-digit revenue growth for the fiscal year.
On January 22, 2021, Coach launched Coach Conversations, a monthly YouTube series focused on culture and creativity. The first episode features Jennifer Lopez and Jay Shetty discussing themes like purpose and self-trust. Coach's Creative Director, Stuart Vevers, emphasizes a community-driven dialogue in fashion. Future episodes will include Michael B. Jordan, coinciding with significant cultural moments. Coach aims to inspire discussions on personal values and support within the community.
Tapestry, Inc. (NYSE: TPR) will hold a conference call on February 4, 2021, at 7:30 a.m. (ET) to discuss its second-quarter results. The call follows a press release with the financial results earlier that day. Interested parties can join by dialing 1-877-510-8087 or 1-862-298-9015 with Conference ID 4990276. An audio webcast will also be available at www.tapestry.com/investors. A telephone replay will be offered for five business days post-event. Tapestry is known for luxury brands including Coach, Kate Spade, and Stuart Weitzman.
Coach has launched its global advertising campaign, "Coach It Forward," for the Spring 2021 collection. The campaign emphasizes positivity, collective action, and gratitude, encouraging customers to acknowledge those who uplift them. Featuring celebrities like Jennifer Lopez and Michael B. Jordan, it highlights personal dedications and appreciation. The initiative includes a live Zoom event showcasing messages of gratitude, aiming to connect communities worldwide and inspire optimism. Coach, known for its luxury accessories, is a brand under Tapestry, Inc., which trades on the NYSE as TPR.
Google Cloud has entered a multi-year agreement with Tapestry to migrate its SAP S/4HANA environment to the cloud, enhancing operational efficiency. This collaboration, completed in just three and a half months, was aimed at supporting Tapestry's acceleration program and maximizing profitability across its brands—Coach, Kate Spade, and Stuart Weitzman. The migration positions Tapestry for improved digital capabilities, leveraging Google's technology to quickly resolve connectivity issues and bolster the online shopping experience, especially during peak seasons.
Tapestry, Inc. (NYSE: TPR) has appointed Pam Lifford and Tom Greco to its Board of Directors, expanding the board to ten members, including nine independent directors. CEO Joanne Crevoiserat expressed confidence in their ability to support the company's Acceleration Program and drive long-term growth. Lifford brings extensive experience from WarnerMedia and Disney, while Greco has a strong background in corporate strategy from Advance Auto Parts and PepsiCo. Their appointments aim to enhance the board's expertise and positively impact Tapestry's future.
Tapestry, Inc. (NYSE: TPR) reported strong fiscal Q1 2021 results, with net sales of $1.17 billion, down 14% year-over-year, but significantly improved earnings per share (EPS) of $0.83 compared to $0.07 in the prior year. The company achieved a gross margin of 70.8%, up from 67.3%, while managing SG&A expenses down by 27%. Notably, e-commerce sales grew triple digits, and there was a 300 basis points increase in gross margins. The company ended the quarter with $1.5 billion in cash and positive free cash flow of $64 million, showcasing resilience amidst challenges.
Coach announced its 2020 holiday campaign titled "Holiday Is Where You Find It", featuring global icons Jennifer Lopez and Michael B. Jordan, along with ambassadors like Kiko Mizuhara and Jeremy Lin. The campaign promotes positivity and family traditions during challenging times, showcased through short vignettes celebrating diverse celebrations. Coach introduces new products like the Beat Shoulder Bag and Hitch backpack. The brand emphasizes modern luxury and quality craftsmanship, available in approximately 55 countries.
Tapestry, Inc. (NYSE: TPR) has appointed Joanne Crevoiserat as Chief Executive Officer, effective immediately. Having served as Interim CEO since July 2020, Crevoiserat also joined the company as Chief Financial Officer in August 2019. The Board believes she is the best fit to lead Tapestry's growth, emphasizing a data-driven and customer-centric strategy. Crevoiserat aims to enhance connections with customers and drive profitability through the Acceleration Program. Tapestry is known for its luxury brands, including Coach and Kate Spade.
Tapestry, Inc. (NYSE: TPR) announced a conference call scheduled for October 29, 2020, at 7:30 a.m. (ET) to discuss its first quarter results. The results will be released earlier that morning, and interested parties can listen in by dialing 1-877-510-8087 or via an audio webcast at www.tapestry.com/investors. A telephone replay will be available for five business days after the call. Tapestry includes brands such as Coach and Kate Spade, focusing on modern luxury lifestyle products.